Lumen Technologies (NYSE:LUMN) Trading 9.2% Higher - Still a Buy?

Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) shares were up 9.2% during mid-day trading on Wednesday . The company traded as high as $5.89 and last traded at $5.80. Approximately 2,117,478 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 7,538,880 shares. The stock had previously closed at $5.31.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Citigroup boosted their price target on Lumen Technologies from $6.50 to $8.00 and gave the company a "neutral" rating in a research note on Friday, November 29th. TD Cowen cut their price objective on Lumen Technologies from $7.00 to $6.00 and set a "hold" rating for the company in a report on Wednesday, November 6th. The Goldman Sachs Group increased their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada restated a "sector perform" rating and issued a $4.25 price target (up from $4.00) on shares of Lumen Technologies in a research report on Friday, December 20th. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat, Lumen Technologies presently has a consensus rating of "Hold" and an average price target of $4.66.

Lumen Technologies Trading Up 4.7 %

The stock has a market cap of $5.64 billion, a P/E ratio of -2.56 and a beta of 1.21. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 53.05. The business's fifty day simple moving average is $6.80 and its 200 day simple moving average is $5.56.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.04). Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.21 billion. During the same period in the prior year, the business earned ($0.09) EPS. The business's revenue for the quarter was down 11.5% on a year-over-year basis. As a group, analysts expect that Lumen Technologies, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in Lumen Technologies during the 2nd quarter valued at about $25,000. Concord Wealth Partners boosted its position in shares of Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company's stock worth $28,000 after purchasing an additional 1,992 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Lumen Technologies in the 3rd quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Lumen Technologies during the third quarter worth $36,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Lumen Technologies in the third quarter worth about $46,000. Institutional investors own 66.19% of the company's stock.

About Lumen Technologies

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.